Sport says Real see the Spain U20 World Cup goalkeeper as a future senior No1.
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Indeed, club chiefs regard Fran as a potential successor for their current first-choice keeper Thibaut Courtois.
As such, Real intend to open talks with Fran about a new contract.
Currently with Alvaro Arbeloa's Castilla team, Fran's contract expires at the end of the season and Real are eager to extend his deal as soon as possible.